The overall trend for cryptocurrencies in August is negative. In the first two weeks, the cryptocurrency market experienced a 20% drop in value. This sharp descent seems to have been triggered mainly by the SEC’s choice to postpone its decision on Bitcoin ETFs (Exchange Traded Funds) from CBOE into this month (September). China’s increased war on crypto may have further fuelled the market situation as a massive outflow of funds is currently being witnessed.

Chinese authorities found almost 124 active trading platforms in use by Chinese residents. The government announced that it would soon be shutting them down along with blocking foreign crypto-trading platforms. Also, 55% of ICOs failed to complete funding in the second quarter of the year.That paints a vivid picture of the widespread weakness across the cryptocurrency sector.

Top 10 Digital Currencies Dominating the Cryptocurrency Market in August

We conducted an August evaluation of the top 10 cryptocurrencies in the market ranked in order of market capitalization sizes. All data used was acquired from CoinMarketCap. The digital currencies appear as follows:

  • Bitcoin
  • Ethereum
  • Ripple
  • Bitcoin Cash
  • EOS
  • Stellar
  • Litecoin
  • Tether
  • Cardano
  • Monero

In July, the total cryptocurrency market capitalization was at $251.8 billion with a Bitcoin dominance of 47.6%. As of the beginning of August 2018, the total cryptocurrency market cap was $143.7 billion. It represents a 42.9% drop in value.

Further information on each cryptocurrency is detailed below.

  • Bitcoin

At the start of August, the price of Bitcoin opened the market at a value of $7,769.04. During that day, it hit a high of $7,769.04 and a low of $7,504.95. It finally closed the day at a price of $7,624.91 with a market capitalization of $133.4 billion. As of the 9th of September 2018, the price of Bitcoin stood at $6,331.12 with a market cap of $109.2 billion representing an 18.14% drop in market capitalization.

  • Ethereum

At the start of August, the price of Ethereum opened the market at a value of $433.87. During that day, it hit a high price of $435.46 and a low of $410.46. It finally closed the market at a value of $420.75 with a market capitalization of $43.8 billion. As of the 9th of September 2018, the price of Ethereum stood at $195.86. This represents a 53.5% drop in the value of Ethereum. Ethereum has undergone three massive price drops in August with the lowest value being on the 9th of September 2018 at $192.32.

  • Ripple

At the start of August, the price of XRP opened the market at a value of $0.435562. On that same day, it hit a high of $0.459134 and a low of $.40427168. It ultimately closed the market at a price of $0.445852 with a market cap of $17.12 billion. As of the 9th of September 2018, the price of Ripple stood at $0.274146 with a market cap of $10.8 billion. This represents a 38.5% decrease in value since the beginning of August.  

  • Bitcoin Cash

At the start of August, the price of Bitcoin Cash opened the market at a price of $779.95. During that day, it hit a high value of $779.95 and a low of $740.32. It ultimately closed the market at a price of $769.35 with a market capitalization of $13.4 billion. As of the 9th of September 2018, the price of Bitcoin Cash stood at $474.38 with a market capitalization of $8.2 billion.

  • EOS

At the start of August, the price of EOS opened the market at a price of $7.36. During that day, it hit a high of $7.39 and a low of $6.98. It finally closed the market at a price of $7.26 with a market cap of $6.67 billion. As of the 9th of September 2018, the price of EOS stood at $5.03 with a market capitalization of $4.55 billion.

  • Stellar

At the start of August, the price of Stellar opened the market at a price of $0.278127. During that day, it hit a high of $0.282404 and a low of $0.265441. It finally closed the day at a price of $0.276268 with a market capitalization of $5.22 billion. As of the 9th of September 2018, the price of Stellar stood at $0.192008 with a market capitalization of $3.6 billion.  

  • Litecoin

At the start of August, the price of Litecoin opened the market at a price of $80.39. During the same day, the price of Litecoin hit a high of $80.73 and a low of $76.40. It finally closed the day at a price of $77.80 with a market capitalization of $4.63 billion. As of the 9th of September 2018, the price of Litecoin stood at $54.34 with a market cap of $3.16 billion.  

  • Tether

At the start of August, the price of Tether opened the market at a price of $0.999215. During the same day, Tether’s price hit a high of $1.00 and a low of $0.994754. It finally closed the day at a price of $0.999409 with a market capitalization of $2.46 billion. As of the 9th of September 2018, the price of Tether stood at $1.01 with a market capitalization of $2.77 billion.

  • Cardano

At the start of August, the price of Cardano opened the market at a price of $0.143086. During the same day, its price hit a high of $0.145038 and a low of $0.137180. It eventually closed the day at $0.140901 with a market capitalization of $3.7 billion. As of the 9th of September 2018, the price of Cardano stood at $0.074299 with a market capitalization of $1.92 billion.

  • Monero

At the start of August, the price of Monero opened the market at a price of $122.27. During that day, it hit a high of $129.40 and a low of $119.94. It finally closed the day at a price of $128.15 with a market capitalization of $1.98 billion. As of the 9th of September 2018, the price of Monero stood at $105.13 with a market cap of $1.7 billion.

Conclusion

The current cryptocurrency market is looking extremely bearish. We, however, remain confident as to the future of the cryptocurrency market. We encourage you to check out our main website for information about our products. We offer a range of blockchain and gold-based products. We particularly encourage you to check out our gold price-backed token, the DinarCoin. Unlike the above cryptocurrencies, the DinarCoin.  

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